External Debt Management in the System of Financial Security of

the State

NADIIA DAVYDENKO

Department of Finance,

National University of Life and Environmental Sciences of Ukraine,

Heroyiv Oborony st., 15, Kyiv - 03041,

ORCID ID: 0000-0001-7469-5536

UKRAINE

MYKOLA MYKHAYLICHENKO

Department of Management and Educational Technology,

National University of Life and Environmental Sciences of Ukraine,

Heroyiv Oborony st., 15, Kyiv - 03041

ORCID ID: 0003-2714-7291

UKRAINE

ZOIA TITENKO

Department of Finance,

National University of Life and Environmental Sciences of Ukraine,

Heroyiv Oborony st., 15, Kyiv - 03041,

ORCID ID: 0000-0001-5816-5519

UKRAINE

LIUDMYLA TSIUKALO

The Military Institute of Taras Shevchenko,

National University of Kyiv,

Mikhail Lomonosov st., 81, Kyiv - 03680,

ORCID ID: 0000-0002-6870-4683

UKRAINE

Abstract: The article is devoted to the study of the state of the state debt and the state of Ukraine's debt

policy. The relevance of this topic is that during the previous years, the public debt of Ukraine, both

external and internal, was constantly growing, creating threats to the country's debt security and financial

stability. Over the last decade, the problem of the growth of Ukraine's foreign debt continues to worsen.

Attracting loan capital is caused by the need to replenish currency reserves in order to increase the

resources of the country's economic development and ensure the stability of the national currency.

The purpose of the study is a theoretical generalization of the prerequisites and features of the formation of

the national debt of Ukraine and the justification of the policy of management and service of the external

debt, which will contribute to ensuring the financial security and economic development of the country. In

accordance with the set goal, the work is supposed to solve a number of problems, the main of which are:

clarifying the impact of foreign debt on the financial security of the state; clarification of the relationship

between the financial and economic development of the state and the state debt; assessment of the state

debt of Ukraine and the state of its financial security; development of proposals for improving the

management and servicing of public debt in Ukraine.

To achieve the goal, the following scientific methods were used in the scientific research: analysis and

generalization - to study the current state of debt security in Ukraine; comparison and compilation - for the

analysis of world and national experience in calculating the system of indicators of financial security;

grouping – for clustering of relevant indicators of the impact of debt on financial security; statistical

analysis – to study the dynamics of debt security indicators and calculate an integral index based on them.

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These methods make it possible to single out the challenges and prospects of the Ukrainian economy on

the way to achieving the optimal level of the country's foreign debt.

The structure of the state debt of Ukraine and its optimal limits have been determined. An analysis of the

current state and main trends of the state debt of Ukraine was carried out. In particular, the trends of its

share in GDP were determined, a thorough structural analysis of the national debt of Ukraine was carried

out for the period from 01.01.2013 to 01.01.2022, and an assessment of budget costs for servicing and

repayment of the national debt of Ukraine was carried out.

An analysis of the state and structure of the state debt of Ukraine makes it possible to identify trends in its

volume growth. During the analyzed period, the size of the national debt of Ukraine changed rapidly,

which is determined by general factors of economic development. The authors found that in the structure

of the state debt, there is a clear tendency towards the predominance of external debt over internal debt.

The main causes of the state debt are the state budget deficit and significant amounts of internal and

external borrowing. Further growth of the national debt of Ukraine is very dangerous and may lead to the

loss of economic independence, the withdrawal of funds from the financial market that could be used for

the development of the real sector of the economy, a decrease in competitiveness on domestic and foreign

markets, and a decline in the standard of living of the country's population. But reaching the projected level

threatens Ukraine with default. In order to avoid negative consequences, it is proposed to improve the

mechanism of public debt management at the institutional level, to improve the legal framework, and also

to increase the level of own gross domestic product by modernizing domestic enterprises.

Keywords: public debt, external public debt, debt policy, financial security, public borrowing.

Received: May 10, 2022. Revised: August 16, 2022. Accepted: September 5, 2022. Available online: September 21, 2022.

1 Introduction

In recent years, the acute problem of the financial

system of Ukraine has been the critical state of the

state debt. An increase in the debt burden to the

limit parameters due to the significant attraction

of funds on unfavorable terms contributes to the

vulnerability of the Ukrainian economy to various

threats and significantly inhibits its development.

In Ukraine, the growth of external public debt has

been observed for a long period, it is determined

by high currency risks, the changing situation

with the refinancing of debts of previous years, as

well as the pressure of debt payments on public

finances.

The issue of public debt and its impact on

financial security is fundamentally important in

the context of the economic difficulties that

Ukraine has been suffering from in recent years.

Since Ukraine has declared its accession to the

European Union as a strategic goal, from this

point of view it is important to borrow the best

international experience of modernization of

public debt management policy, which will lead

to strengthening of the financial system and

economic growth of the state.

External debt as an integral element of the modern

world economy and an effective tool of all global

economic relations was studied in the scientific

works of modern domestic and foreign scientists.

However, there are still many unresolved

questions regarding the causes of external debt, its

legislative regulation, management mechanism

and impact on the financial security of the state.

Therefore, the issues of the formation of the

national debt in Ukraine and all the processes

related to it are very relevant today, because every

year the debt obligations of Ukraine grow and,

accordingly, the costs of its management and

maintenance grow. The most pressing issue in

modern Ukraine is the effective definition of its

debt policy regarding the attraction and spending

of public borrowings.

2 Analysis of the Latest Research

and Publications

The views of scientists on the existence of public

debt differ greatly. The concept of debt is

explored in the works by foreign and domestic

scientists such as V. Kozyuk [14], T. Vahnenko

[26], S. Ardagna, F. Caselli [2] and others. Some

authors identify a number of macroeconomic

channels through which public debt can

negatively affect the medium- and long-term

economic situation [13], [22], [27]. Thus, a

significant increase in the debt-to-GDP ratio may

in the future lead to an increase in taxes, as well

as additional budget expenditures and, as a result,

a decrease in investment in the country. Along

with this, the assertions of other researchers have

become widespread, that debt financing of the

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budget deficit due to the expansion of public

expenditures stimulates aggregate effective

demand, which is the main factor of economic

growth [3]-[6], [10], [30]. To obtain a positive

effect, it is necessary that the volume of capital

investment exceeds the volume of borrowing, and

the rate of GDP growth exceeds the rate of debt

growth.

The achievement of a critical state of the country's

financial system, the probable growth of

threatening factors of the debt burden and the

excessive and ineffective involvement of financial

resources are reflected in the works of foreign

scientists: Hollo, D., Kremer, M., & Lo Duca, M.

[12], [13], V. Grabovskyi and E. Stavash [9]. At

the national level, Tsaruk O. [26], Voronych O

[29], Slav'yuk, R., Slaviuk, N [25], Poltorak A.

[24],Volosyuk Y. [29].

3 The Research Results

In our opinion, the main criteria for the

effectiveness of the state's debt policy are: a

balanced financial system, which is determined by

the level of the budget deficit, the stability of the

banking system, the national currency, the level of

prices and the level of development of the

financial market and the securities market;

sustainable foreign economic policy and a rational

structure of foreign trade, which should be

oriented towards meeting the needs of the

domestic market and protecting domestic

producers, a sufficient standard of living of the

population and a stable socio-political situation in

the country, a reduction in social tension, a high

level of the country's investment attractiveness

[7]. The rapid rate of increase in the country's

national income should occur at the expense of

possible additional foreign investments[24].

To transform the economy, it is important to

compare the indicators of the state debt with

macroeconomic indicators, in particular: the

deficit of the state budget; the dynamics of the

balance of payments; the value of official reserve

assets [8]; exchange rate; inflation rate; currency

reserves; tax burden in the country; the

development of the securities market; the income

level of the population; volumes of investment

activity in the country, etc.

According to the Methodology for calculating the

level of economic security of Ukraine, the main

indicators for assessing the debt policy are the

following (Fig. 1). Note that the evaluation of the

indicated indicators is based on a comparison of

the actual values in Ukraine with the limit

indicators. We believe that, given the existing

zones of vulnerability to the influence of crisis

factors generated by debt processes, the state

should take into account the complex

interrelationships between debt policy, the degree

of financial stability and the socio-economic and

investment-innovation development of the

country, and this combination is logically

reflected among the proposed indicators of Fig. 6

Fig. 1: Indicators for assessing the level of debt burden [16]

Indicators

investment and

innovation development

- the ratio of annual borrowings

to capital expenditures

(development expenditures) of

the consolidated budget;

- the ratio of borrowings to

Research & Development

expenses" (R&D;

- the ratio of the increase in debt

to the increase in the

accumulation of fixed capital.

socio-economic

development

- public debt per capita;

the ratio of the growth of national debt

to the natural growth of the population;

- the ratio of debt growth to population

income growth;

- the ratio of household savings to debt;

- the ratio of debt to GDP and the share

of the working population;

- the ratio of the increase in the state

debt to the change in the unemployment

rate.

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The use of indicators of the debt load makes it

possible to make a significant adjustment of the

debt policy and to increase the quality of the

overall assessment of the state debt by volume

and maturity.

At the moment, Ukraine has a debt policy that is

aimed only at solving current issues of public debt

management, for example, its repayment. This

policy does not envisage economic effects from

raising additional debt obligations, is quite

limited, and therefore, in our opinion, should

undergo significant changes.

Referring to the foreign experience of public debt

management, attention should be paid to the use

of the "benchmarking" method in the analysis of

the effectiveness of the debt policy, on the basis

of which an unbiased assessment of the

effectiveness of the debt policy can be made [6],

[11]. External public debt as an indicator of debt

security was analyzed as fully as possible by

World Bank experts. According to the

methodology of the World Bank, the critical level

of public external debt is 50% of GDP. The World

Bank also developed the Minimum Standard

Model for determining the state's debt security,

which includes nine indicators, each of which is

focused on the study of external debt only [1].

Summarizing, it can be noted that although such a

rapid growth of external public debt will lead to

the issue of fiscal sustainability in the medium

term.

Let's analyze the main statistical data for 2013-

2021 (Table 1).

Table 1. Indicators of the state and guaranteed state debt of Ukraine for 2013 - 2021 billion UAH.

Years

Gross

domestic

product

State

internal debt

State foreign

debt

Guaranteed

government

debt

State and state-

guaranteed debt

State debt/

GDP,

2013

1454,9

284.1

300.0

104,1

584,1

40.1

2014

1566,7

488.9

611.7

153,7

1100,6

70.2

2015

1979,5

529.5

1042.7

237,9

1572,2

79.4

2016

2383.2

689.7

1240.0

278,9

1929,8

81.0

2017

2982,9

766.7

1375.0

766.7

2141,7

71.8

2018

3558,7

771.5

1397.2

752.5

2122.5

60.9

2019

3974.6

839.1

1159.2

839.1

1998.3

50.3

2020

4194.1

996.4

1518.9

1033.0

2551.9

60.8

2021

5459.6

1087.2

1449.8

1111.6

2671.2

48.9

+/-

+4004.7

+803.1

+1149,8

+1007.5

+2087.1

Source: compiled by the author based on data [18-20]

Analyzing the statistical data in Table 1, we can

conclude that at the end of 2021, the debt of

Ukraine was at the level of 2,671,2 billion UAH,

which was equal to 97,9 billion dollars. By the

end of 2021, it was ensured that the amount of

public debt was kept within its limit level.

In general, the state and state-guaranteed debt

increased by more than 4,5 times in the hryvnia

equivalent during the period under study, and in

relation to the dollar equivalent, the indicated

indicator increased by 34%. It is worth noting the

positive changes in the ratio of public debt to

GDP, so the significant growth of this indicator

was followed in 2016, it was 81%, but starting

from 2017, it is decreasing and in 2021 it was

48,9%. The level when the total amount of public

debt at the end of the budget period exceeds 60

percent of the annual nominal volume of the gross

domestic product is considered critical.

For a more detailed analysis, we will conduct a

study of the structure of the state debt during

2013-2021 (Table 2).

The conducted studies show that in the structure

of the state debt, a significant share is occupied by

the external state debt. Thus, in 2013, the internal

debt was only 17,83% of the total amount of debt,

while the external debt was 82,17%. Until 2016, a

tendency to decrease the share of domestic debt

and, accordingly, an increase in the amount of

external debt is observed. Foreign debt exceeded

domestic debt by 5,9 times [31]. Thus, there was a

tendency to increase the disproportion between

external and internal public debt. Since 2017,

significant changes have taken place, including an

increase in the share of state domestic debt in the

structure to 35,8%, and by the end of 2021, its

share has increased to 41,6%.

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Table 2. The structure of the state debt of Ukraine in 2013-2021, %

Year

Total debt,

UAH million

Growth,

External

debt, UAH

million

Specific

weight,%

Growth,

Internal

debt, UAH

million

Specific

weight,%

Growth,

2013

584114

479975.7

82.17

104138.3

17.83

2014

1100564

88.42

946819.4

86.03

99.98

153744.6

13.97

47.64

2015

1572180.2

42.85

1334271.6

84.87

40.92

237908.6

15.13

54.74

2016

1929758.7

22.74

1650830.8

85.55

23.73

278927.9

14.45

17.24

2017

2141674.5

10.98

1374995.5

64.20

-16.71

766679.0

35.80

174.87

2018

2122476.5

-0.90

1370010.6

64.55

-0.36

752465.9

35.45

-1.85

2019

1998275.4

-5.85

1159221.6

58.01

-15.39

839053.8

41.99

11.51

2020

2551935.6

27.71

1518934.8

59.52

31.03

1033000.8

40.48

23.11

2021

2671827.6

4.70

1560230.0

58.40

2.72

1111597.6

41.60

7.61

Source: compiled by the author based on data [18-20]

Note that 2015 was the year of the biggest

economic downturn, Ukraine had a devaluation

and an inflationary shock occurred at the

beginning of the year. In 2021, the share of

domestic debt was 41,6% against 58,4% of

Ukraine's external debt.

According to the structure of the state debt of

Ukraine, the guaranteed debt has a general

tendency to decrease. This may indicate the

repayment of part of the obligations.

The period 2013–2021 is characterized by a debt

close to critical and above a safe level (more than

35% of GDP). At that time, the most important

creditor was the International Monetary Fund.

Indicators for determining the system of debt

security indicators of Ukraine are given in the

table 3.

Table 3. Indicators for determining the system of debt security indicators of Ukraine in 2013-2020

№

Indicator

opt

crit

2013y.

2014y.

2015y.

2016y.

2017y.

2018y.

2019y.

2020y.

Ratio of the volume of

state and state-guaranteed

debt to GDP, %

50,3

Ratio of gross external

debt to GDP,%

131

122

104

79.8

The ratio of the volume

of official international

reserves to the volume of

gross foreign debt, %

5,9

13,7

20.8

23.2

Average weighted yield

of OVDP on the primary

market, %

16.9

10.2

EMBI+Ukraine index

200

1000

681

2226

2375

860

574

571

547

345

Source: Compiled by the author based on data [19]

That is, based on the analysis and evaluation of

the indicators of debt sustainability of the external

public debt of Ukraine, it should be noted that

there is a trend towards the growth of not only the

absolute and relative indicators of the external

public debt of Ukraine, but also indicators that

inform about the risks of deterioration of the

indicators of the country's debt sustainability.

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The values of risk level indicators can be divided

as follows:

- low risk (indicator value from 1 to 0,8) - the

country's debt indicators are below the limit

values.

- average risk (value of the integral indicator from

0,79 inclusive to 0,6): only some (no more than 2)

indicators exceed the limit level, but the actual

and forecast values are within acceptable limits.

- high risk (value of the integral indicator from

0,59 inclusive to 0,4): 3 or more debt indicators

exceed the threshold level, but the country still

has no problems with fulfilling debt obligations.

- extremely high risk, the pre-crisis state of the

value of the integral indicator from 0,39 inclusive

to 0): threats to debt security are noted both by

indicators of the level of public debt and its

structure and the cost of debt servicing, several

debt indicators exceed the threshold level.

The dynamics of the integral indicator of

Ukraine's debt security are shown in Table 4.

Table 4. The value of the integral

indicator of debt security of Ukraine for 2013-

2021 yy.

Year

The value of

the integral

index of debt

security, %

State of debt security

2013

0,33

Dangerous condition

2014

0,24

Unsatisfactory

condition

2015

0,29

Dangerous condition

2016

0,32

Dangerous condition

2017

0,34

Dangerous condition

2018

0,36

Dangerous condition

2019

0,38

Dangerous condition

2020

0,39

Dangerous condition

2021

0,37

Dangerous condition

Source: compiled by the author based on data

[19]

According to the results of the calculations, for

Ukraine, the integral indicator of debt risks at the

beginning of 2022 was 0,37, which automatically

includes our country in the high-risk group.

During the period 2013-2021, the debt security of

Ukraine had the status of a dangerous state (the

exception is 2010-2011).

The method of assessing the integral indicator of

debt security is to evaluate the level of debt

security of the country in a certain period of time

with a single generalizing indicator. Undoubtedly,

all threats and destabilizing factors, which are

measured by individual indicators of debt

security, deserve separate consideration, but their

interrelated influence provides a general result

and makes it possible to assess the overall level of

debt security.

The reason for this situation was the devaluation

of the national currency. However, the index of

change of the official exchange rate of the hryvnia

UAH to the US dollar rose from 100,02 in 2013 to

183,52 in 2015, in other words, its increase was

83,48%, the import of gross international reserves

of Ukraine fell by 31%, loans in foreign currency

increased by 23 percentage points, the level of

dollarization - by 18,5%.

Thus, over the past decade, Ukraine has more than

once crossed the limit value of the indicator of the

ratio of public external debt to GDP in 2010,

2014-2019, this indicator reached over 25%. The

positive dynamics of the reduction of the ratio of

external debt to GDP was observed from 2003 to

2007, as well as during 2011-2013 and 2016-

2019. With the beginning of the military conflict

in the east of Ukraine, the amount of defense

spending has increased significantly, and revenues

to the budget from enterprises located in the zone

of the temporarily occupied territories of Crimea,

Donetsk, and Luhansk regions have decreased. In

2020, the value of the indicator was at the limit

and is 60,8%, in 2021 an improvement of this

situation is observed.

A dangerous trend in the budget system in recent

years has become not only the increase in the total

volume of the state and state-guaranteed debt of

Ukraine, but also a significant increase in budget

costs for financing its maintenance and

repayment. Of particular interest today are

payments under VRI instruments during 2021-

2040, which under various scenarios can amount

to $4,6-5,9 billion. USA up to 84 billion dollars

USA. Accordingly, the need to improve the

efficiency of public debt management, optimize

its structure, and improve Ukraine's debt security

is becoming more urgent.

Support of national interests and financial security

are the most important functions of the state, the

implementation of which is aimed at

strengthening its position in the international

community [21].

In addition, to compare the obtained results, we

calculated the level of financial security according

to the methodology of the National Institute of

International Security Problems of Ukraine

(Table 5).

The values of all indicators during 2013–2021

significantly exceed the threshold values. Thus,

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the inflation rate was the highest in 2015 (almost 10 times higher than the threshold value).

Table 5. Dynamics of financial security indicators according to the methodology of the National

Institute of International Security Problems of Ukraine

Indicator

Threshol

indicator

value

Years

Absolute

deviation

(+/-)

2013

2014

2015

2016

2017

2018

2019

2020

2021

Inflation rate,

0.5

24.9

43.3

12.4

13.7

9.8

4.1

5.0

10.0

9.5

Volume of

internal debt,

% of GDP

less 30%

GDP

37.5

38.8

43.4

45.6

49.0

50.5

48.9

53.7

57.2

19.7

Volume of

external debt,

% of GDP

Less

20%

GDP

77.5

95.8

131.0

121.7

103.9

87.7

79.2

80.8

64.8

-12.7

State budget

deficit, % of

GDP

1% GDP

4.45

4.98

2.28

2.94

1.60

1.66

1.96

5.18

3.63

-0.82

The level of

monetization

of the

economy, %

of GDP

30%

GDP

62.5

61.1

50.3

46.2

40.5

34.2

28.3

34.1

32.4

-30.1

Annual cost of

bank loans, %

No more

than 10%

per

annum

25.3

26.1

29.5

18.3

21.2

26.0

32.8

28.8

25.9

0.6

International

reserves

(excluding

gold), million

dollars USA

up to 5

billion

dollars

USA

2,0

7,5

13,3

15,5

18,8

20,8

25,3

29,1

30,9

10,5

Source: Compiled by the author based on data [18-20]

As of 2015, in the ranking of countries by the

level of inflation compiled by the US Central

Intelligence Agency, Ukraine took almost the last

224th place, and the last, 225th place, was South

Sudan (52,80%) [5].

We believe that significant attention should be

paid to the external debt-to-GDP ratio indicator,

because in 2015 it was 131%, despite its steady

decline over the following years, in 2021 its value

was 64,8%, while its threshold the value should

not exceed 20%.

A significant excess of the rate of growth of the

volume of cash over the rate of GDP growth led

to a decrease in the level of monetization from

62,5 to 32,4. One of the reasons for this situation

is the failure of the national currency to fulfill its

functions. Thus, in particular, there was a

predominance of the function of the means of

circulation and payment over the function of the

measure of value. As the reasons for this situation,

we see an increase in the amount of cash in

circulation, subject to a decrease in the growth

rate of production [32]. The economic crisis in the

country led to a significant reduction in the

volume of production of most goods and services,

the bankruptcy of a significant nu`mber of

enterprises, while simultaneously lowering the

cost of bank lending.

The largest volume of international reserves of

Ukraine was observed in 2021 in the amount of

30,9 billion dollars, and the smallest in 2014 (7,5

billion dollars), which is a negative phenomenon,

because the maximum permissible level of their

size should not exceed 5 billion dollars.

4 Conclusion

Economic theory shows that external public debt

plays a significant role in the macroeconomic

system of any country. This is explained by the

fact that relations regarding the formation,

maintenance and payment of debt significantly

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affect the state of public finances, money

circulation, investment climate, the structure of

consumption and the development of international

cooperation. Economic, political and social

transformations in the circumstances of increasing

globalization processes in recent decades have

caused the need for significant and safe sources of

financing to increase. The latter, in turn, in most

countries led to an increase in external

government borrowing and made the financial

systems of these states more sensitive to external

economic shocks.

In our opinion, the following are the key

directions for improving public debt management

in Ukraine:

- formation and implementation of the medium-

term risk-oriented Strategy for the management of

the public debt of Ukraine with the active

interaction and coordination of actions of the

Government, the National Bank of Ukraine, and

the Ministry of Finance of Ukraine regarding the

provision of a comprehensive mechanism for

achieving a safe level of debt burden;

- increasing the effectiveness of Ukraine's debt

policy;

- implementation of the transition to the policy of

decentralization of attracting debt funds in the

domestic market with the expansion of the rights

of local authorities;

- improvement of the debt policy regarding the

provision of state guarantees;

- activation of the development of the domestic

financial market.

We believe that in order to solve the problems of

Ukraine's debt burden, it is expedient to:

- to develop and implement a comprehensive

strategy of public debt management, which would

combine the task of improving the regulatory and

institutional support of the state's debt policy,

short- and medium-term benchmarks for public

debt management;

- apply a moderate approach to attract new state

loans;

- to diversify the structure of the state debt of

Ukraine in terms of the currencies of its

repayment by attracting loans in various

currencies, thus reducing currency risk;

- take measures to increase the share of domestic

public debt and, accordingly, reduce the share of

external debt;

- to activate the direction of loans for the

implementation of investment and innovation

programs;

- strengthen control over the use of state loans.

Ensuring the stable development of the state

should be based on a system of measures aimed at

the timely detection, prevention, neutralization,

and elimination of threats to the financial security

of the state, namely: the introduction of a strict

economy regime regarding the spending of budget

funds, primarily for management, defense,

financing of unprofitable and low-profit

industries, various types of grants; determining

the expediency of financing some social costs;

reducing the amount of financial borrowing to

cover the state budget deficit; improvement of

tools for attracting personal savings of the

population to the investment sphere; optimization

of the level of tax withdrawals to the budget.

Further research on Ukraine's debt security should

be aimed at determining the possibilities of

implementing the international practice of using

debt security criteria, developing a unified system

of indicators for its assessment, programs of

institutional and investment development with the

provision of a stable and safe ratio of public debt

to GDP, the search for the optimal ratio between

debt and tax financing of budget expenditures. It

is also important to combine market and

institutional mechanisms of public debt

management, to use foreign experience in debt

settlement, to differentiate between borrowing for

the repayment of the public debt and borrowing

for development.

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Contribution of Individual Authors to the

Creation of a Scientific Article (Ghostwriting

Policy)

- Nadiia Davydenko was responsible for

formulating the conclusions.

- Mykola Mykhaylichenko conducted a review of

literature.

- Zoia Titenko conducted an assessment of the

state debt of Ukraine and the state of its financial

security.

- Liudmyla Tsiukalo developed proposals for

improving the management and servicing of the

state debt.

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2023.20.15

Nadiia Davydenko, Mykola Mykhaylichenko,

Zoia Titenko, Liudmyla Tsiukalo

E-ISSN: 2224-2899

153

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Sources of Funding for Research Presented in a

Scientific Article or Scientific Article Itself

No funding was received for conducting this study.

Conflict of Interest

The authors have no conflicts of interest to declare

that are relevant to the content of this article.

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(Attribution 4.0 International, CC BY 4.0)

This article is published under the terms of the

Creative Commons Attribution License 4.0

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